In India, Essar Global Fund Ltd (EGFL), a fund managed by Essar Capital has announced that it has signed three Memorandums of Understanding (MoUs) with the Government of Gujarat in the field of Energy Transition, Power and Port sectors in the state. This initiative aims to create over 10,000 job opportunities for the state.
According to a statement, Essar is in a renewed phase of making strategic investments in these sectors in the state having invested more than INR 1 lakh crore (≈ US$12 billion) in the Energy, Metals & Mining, and Infrastructure sectors in Gujarat over the last four decades.
Gujarat has played a crucial role in Essar’s growth story. The company’s investments in core industrial projects have enhanced the state’s industrial landscape, serving as a case study for the state’s potential as an investment destination.
The signing of these agreements signifies Essar’s commitment to continue its contribution to Gujarat’s multifaceted growth trajectory.
Gujarat has consistently been at the forefront of Essar’s strategic investments. We are delighted to further contribute to the state’s economic progress with an additional investment of INR 55,000 crore (≈ US$6.6 billion) in the energy and infrastructure sectors, commented Prashant Ruia, Director at Essar Capital.
The three MoUs are:
- Investment in Energy Transition: Essar has signed an MoU to develop a 1 GW green hydrogen project. This initiative involves an estimated investment of Rs 30,000 crore (≈ US$3.6 billion).
- Investment in Power Generation: Essar Power has announced an additional investment of INR 16,000 crore (≈ US$1.92 billion) for Phase-II expansion at its Salaya Power Plant.
- Investment in the Ports Sector: Essar Ports is set to transform its Salaya port into a logistics hub with an investment of INR 10,000 crore (≈ US$1.2 billion).
